The Pakistan Stock Exchange saw a second consecutive session of gains on Friday, following the successful conclusion of the International Monetary Fund’s (IMF) Executive Board’s first review of Pakistan’s economic reform programme. The KSE-100 index initially gained 565.79 points, but retracted most of its gains by the end of the session. The bullish momentum was credited to the IMF board meeting and a hint of lower inflation in their statement, boosting positive sentiment. The approval by the IMF board for the next tranche of $700 million also provided optimism for investors, though caution was expressed due to the Middle East crisis potentially impacting oil price stability. The IMF board’s completion of the first review of Pakistan’s economic reform programme supported by a $3 billion Stand-By Arrangement and the immediate disbursement of $700 million reflects global confidence in Pakistan’s commitment to implementing economic reforms. The board emphasized the importance of strict adherence to fiscal targets, a market-determined exchange rate, and further progress on structural reforms for stronger and more inclusive growth.